Caveat Emptor means Buyer beware!
Last modified June 7, 2023A principle in Real Estate that means, let the buyer beware: the principle that the seller of a product or property cannot be held responsible for its quality unless it is guaranteed in a warranty. This is particularly important for First Time Homebuyers to understand. Sellers don't always disclose the material facts about thier property and if you don't have the home thoroughly inspected, theres a good chance you'll have a not so good surprise when you move in!
Did you find this explanation helpful?
Top 10 terms for First-Time Home Buyers:
- VA funding fee
- Buyers Closing Costs you'll want to know about.
- ALTA (American Land Title Association) Closing Disclosure Statements
- Title company Escrow account
- Survey Fee
- Buy Down
- Buyers market definition
- Lender Inspection Fee
- Homeowner's or Hazard Insurance policy
- Government Sponsored Entity or GSE